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Pfizer’s acquisition of Array BioPharma expands the company’s pipeline of investigational cancer therapies.
Pfizer announced on June 17, 2019 an agreement to acquire Array BioPharma for approximately $11.4 billion, bringing a combination therapy for BRAF-mutant metastatic melanoma and a pipeline of targeted cancer medicines in development to Pfizer’s portfolio. The acquisition also includes out-licensed medicines developed on Array BioPharma’s small-molecule drug discovery platform, which, according to a June 17, 2019 press statement, are expected to generate significant royalties over time.
The Array BioPharma portfolio includes the approved combined use of BRAFTOVI (encorafenib) and MEKTOVI (binimetinib) for the treatment of BRAF-mutant metastatic melanoma, which currently is being investigated in more than 30 clinical trials across several solid tumor indications.
“Today’s announcement reinforces our commitment to deploy our capital to bring breakthroughs that change patients’ lives while creating shareholder value,” said Albert Bourla, chief executive officer of Pfizer in a press statement announcing the acquisition. “The proposed acquisition of Array strengthens our innovative biopharmaceutical business, is expected to enhance its long-term growth trajectory, and sets the stage to create a potentially industry-leading franchise for colorectal cancer alongside Pfizer’s existing expertise in breast and prostate cancers.”
“We are incredibly proud that Pfizer has recognized the value Array has brought to patients and our remarkable legacy discovering and advancing molecules with great potential to impact and extend the lives of patients in critical need,” said Ron Squarer, Array chief executive officer in the press statement. “Pfizer shares our commitment to patients and a passion for advancing science to develop even more options for individuals with unmet needs. We’re excited our team will have access to world-class resources and a broader research platform to continue this critical work.”
The acquisition is expected to close in the second half of 2019.